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图南股份(300855):25Q2经营环比改善,航发产业链拓展成果逐步凸显
Tianfeng Securities· 2025-08-24 02:15
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7]. Core Views - The company's performance in H1 2025 shows a significant improvement in financial metrics on a quarter-over-quarter basis, despite a year-over-year decline in revenue and net profit [1]. - The substantial increase in the company's order backlog, which reached 1.75 billion yuan, suggests strong support for future revenue growth [2]. - The profitability of the company has been under pressure due to significant investments in subsidiaries, but there are expectations for gradual recovery as operations mature and orders are released [3]. - The company's vertical integration in the aerospace materials sector is expected to enhance its growth trajectory, particularly in the small component business [4]. - Adjustments to profit forecasts have been made, with expected net profits of 304 million yuan and 397 million yuan for 2025 and 2026, respectively, reflecting changes in the supply chain dynamics [5]. Financial Summary - In H1 2025, the company reported revenue of 599 million yuan, a year-over-year decrease of 18.16%, but a quarter-over-quarter increase of 9.49% in Q2 [1]. - The gross profit margin for H1 2025 was 27.92%, down 10.42 percentage points year-over-year, while the net profit margin was 15.53%, up 10.63 percentage points from the previous year [3]. - The company’s revenue projections for 2025 to 2027 indicate a recovery trend, with expected revenues of 1.47 billion yuan in 2025, 1.83 billion yuan in 2026, and 2.26 billion yuan in 2027 [6]. - The earnings per share (EPS) is projected to be 0.77 yuan in 2025, increasing to 1.26 yuan by 2027 [6].
图南股份(300855):需求短期波动但盈利稳定 新项目转固迎来新成长期
Xin Lang Cai Jing· 2025-04-29 02:46
Core Insights - The company reported a decline in revenue and net profit for 2024, with total revenue of 1.258 billion, down 9.16% year-on-year, and a net profit of 267 million, down 19.17% year-on-year [1] - The company's Q4 2024 results showed a significant drop in revenue and net profit, with revenue at 178 million, down 44.2% year-on-year, and net profit at 9 million, down 87.22% year-on-year [1] - For Q1 2025, the company experienced a revenue of 286 million, down 18.33% year-on-year, but a substantial increase in net profit by 368.49% quarter-on-quarter [1] Revenue Breakdown - The revenue from casting high-temperature alloys was 420 million, down 33.3% year-on-year, accounting for 33.1% of total revenue [2] - The revenue from deformation high-temperature alloys was 520 million, up 18.4% year-on-year, accounting for 41.5% of total revenue [2] - Domestic trade revenue was 1.14 billion, down 9.7% year-on-year, making up 90.6% of total revenue [2] Profitability Analysis - The overall gross margin for 2024 was 33.93%, a decrease of 0.4 percentage points year-on-year, while the net profit margin was 21.23%, down 2.63 percentage points year-on-year [3] - The gross margin for casting high-temperature alloys was 49.3%, an increase of 3.7 percentage points year-on-year [3] - For Q1 2025, the gross margin was 27.65%, down 11.21 percentage points year-on-year, but up 5.27 percentage points quarter-on-quarter [3] Investment and Capacity Expansion - By the end of 2024, the company's fixed assets reached 770 million, an increase of 120 million from the beginning of the year [4] - The company has completed the construction of an automated processing line for small and medium-sized aviation components, with an annual production capacity of 500,000 units [4] - The profit forecast for 2025-2027 estimates net profits of 363 million, 469 million, and 668 million respectively, with year-on-year growth rates of 36%, 29%, and 42% [4]
图南股份(300855):需求短期波动但盈利稳定,新项目转固迎来新成长期
Changjiang Securities· 2025-04-28 15:30
Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 1.258 billion in 2024, a decrease of 9.16% year-on-year, and a net profit attributable to shareholders of 267 million, down 19.17% year-on-year [2][4]. - The revenue for Q4 2024 was 178 million, reflecting a significant decline of 44.2% year-on-year and 48.87% quarter-on-quarter, with a net profit of 9 million, down 87.22% year-on-year [2][4]. - In Q1 2025, the company achieved a revenue of 286 million, a decrease of 18.33% year-on-year but a substantial increase of 60.5% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - The company’s total revenue for 2024 was 12.58 billion, with a net profit of 2.67 billion, and a non-recurring net profit also at 2.67 billion, indicating a decrease in profitability [2][4]. - The revenue breakdown shows that high-temperature alloy casting generated 420 million (down 33.3%), while deformation high-temperature alloys brought in 520 million (up 18.4%) [4]. - The overall gross margin for 2024 was 33.93%, a slight decrease of 0.4 percentage points year-on-year, while the net profit margin was 21.23%, down 2.63 percentage points year-on-year [4]. Investment Projects - The company’s fixed assets increased to 770 million by the end of 2024, with ongoing projects expected to enhance production capacity [4]. - The completion of the automated processing line for aviation components is expected to significantly contribute to the company’s production capabilities [4]. Profit Forecast and Valuation - The projected net profit for 2025-2027 is estimated at 363 million, 469 million, and 668 million respectively, with year-on-year growth rates of 36%, 29%, and 42% [4]. - The corresponding price-to-earnings ratios are projected to be 24, 18, and 13 times for the years 2025, 2026, and 2027 respectively [4].